He previously did not see himself as a "serious" candidate, the report said, but is now considering his chances, the report said.

Rees-Mogg dismissed the claims he is considering a bid for party leadership yesterday. The backbencher Tory MP told the BBC: “I think it’s a reminder that it’s August and people don’t have pressing UK political news to write about.

“And therefore there’s this jolly stuff about me, but I wouldn’t put any money on it,” he said.

Rees-Mogg lost out to Nicky Morgan in a parliamentary vote to become the head of the influential Treasury select committee. However, he remains popular within the party; he came second in a recent poll of party members by Conservative Home on who should be the next Tory leader.

The father of six would likely face Brexit secretary David Davis in a race for the Conservative crown. The Brexiteer is the top choice among party members, with close to one in five naming him as their preferred candidate in Conservative Home's poll.

But Rees-Mogg has benefited from a surprising surge in social media support over the past few months. A fan group called "Moggmentum" has sprung up backing him to become leader; one crazed fan even got a "Moggmentum" tattoo to show his loyalty.

Rees-Mogg has also become hugely popular on Instagram. The MP for North East Somerset set up an account on the photo-sharing website, more usually associated with celebrities and fashionistas, three months ago. His account already has close to 41,000 followers.